While they did not cut interest rates, they did make the appropriately dovish sounding noises.
And dot plots, yada yada.
So gold and silver moved higher, stocks not so much, and the dollar dropped.
I had my eye on stocks in the afternoon since gold had obviously decided that 1350 was going down. 1350 is now support. Gold must hold 1340 to continue making the cup and handle active.
Target for the cup and handle is $1530. The short term objective is $1370 as has been marked on the chart for some time.
There is a stock market option expiration on Friday.
Stocks are going to be watching the macro global economy, specifically through the lens of the US-China trade situation.
Let's see what the stock market does tomorrow after a night to think about things. I did not make a move in stocks today. The metals are a nice long to keep riding for now as long as they can make it through any backfilling and retests.
On the situation chart below scenarios 1 & 2 are now the most probable. Can you tell which way I was leaning? We still have to see what happens with China next weekend in Osaka.
The metals went out on the highs of the day, so we know pretty much what the market thought about it.
The usual suspects may attempt to try capping it again at some new level, perhaps a bit higher or lower from here. Next resistance is at 1370 and then around 1400-1410. I put my thoughts on the charts as always.
Grab some popcorn. This will be interesting to watch.
And throughout all this bear in mind what is most important, the three great gifts that give us life: repentance, forgiveness, and thankfulness.
Have a pleasant evening.
